Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) Image by Storm Hartmann / WNY News Now.FALCONER — The main disagreement between Democrats and Republicans in the latest COVID-19 relief package is federal funding for states, cities and counties, which would mean drastic cuts to vital services.That’s the warning from Sen. Kirsten Gillibrand, who voiced her concerns Friday while visiting the FeedMore WNY Distribution Center in Falconer.“Without more money for cities, states and counties, anything that isn’t mandated will be cut,” Gillibrand said. “Anything that really gets into the deepest needs of our communities is the first to get cut.”She said cuts would be to areas such as first responders, child care and other non-mandated social programs. Previously Gov. Andrew Cuomo has said local governments would face the brunt of the cuts, with education and health care most impacted.Gillibrand said the package is being negotiated and she remains hopeful the Senate can vote on a relief bill sometime next week.
Hoekstra highlighted the temporary nature of the exemption, and said that the expectation was that it would apply until 1 January 2021.The minister added that the exemption would also apply to clearing services in the Netherlands provided by UK-based clearing houses.Dutch financial regulator AFM said in October that it had been in “150 substantial discussions” with UK providers seeking to do business in the Netherlands post-Brexit.The Dutch plan followed an agreement struck between UK and EU regulators in an attempt to mitigate the effect on the financial services industry of the UK exiting the bloc without a deal.The UK’s Financial Conduct Authority signed a “multilateral memorandum of understanding” with regulators in the remaining EU member states and in the wider European Economic Area to facilitate co-operation and information-sharing across areas of financial services, including the asset management industry.In January, Achmea Investment Management’s treasury and derivatives manager Erik-Jan van Dijk said the short-term nature of currency hedging contracts meant they were likely to be the first to shift from London to other cities within the EU. UK-based asset managers will get a temporary exemption for providing services in the Netherlands in case UK lawmakers fail to pass its proposed EU withdrawal agreement.In a letter to parliament, Wopke Hoekstra, the Dutch finance minister, said that if the UK were to leave the EU in a disorderly way, asset managers would be temporarily exempt from “an important part of prudential rules and conditions” set by the Dutch Financial Supervision Act (known as Wft).With this decision, the Dutch cabinet said it wanted to avoid endangering service provision by UK-based managers to Dutch investors.It added that the exemption would also enable investors to take adequate measures to prevent or mitigate the negative impact of a ‘no deal’ Brexit.